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SAUDI ARABIA. JLL, the world’s leading real estate investment and advisory firm, today released its third quarter (Q3 2015) Riyadh and Jeddah Real Estate Market Overview reports that asses the latest trends in the office, residential, retail and hotel sectors. Mr Jamil Ghaznawi, National Director and Country Head of JLL KSA, commented: “The Riyadh real estate market has maintained a steady performance this quarter. The office sector […]

|By TAP Staff| There are 1,275 ultra wealthy individuals in the United Arab Emirates (UAE), representing 20% of the total ultra wealthy population in the Middle East, Wealth-X research shows. The combined wealth of the UAE’s ultra high net worth (UHNW) population stands at US$255 billion. Wealth-X defines UHNW individuals as those with US$30 million and above in net assets. The study also reveals that 57% of […]

Letters spell the word ”Alphabet” as they are seen on a computer screen with a Google search page in this photo illustration taken in Paris, France, August 11, 2015. Reuters/Pascal Rossignol Google, which has now morphed into holding company Alphabet Inc (GOOGL.O), is in talks with messaging startup Symphony Communication Services LLC for a round of fundraising, a person familiar with the matter told Reuters. Symphony’s chat […]

A logo is pictured at Google’s European Engineering Center in Zurich April16, 2015. Reuters/Arnd Wiegmann/Files MOSCOW Russia’s anti-monopoly agency said on Monday that Google Inc (GOOGL.O) had until Nov. 18 to address charges that it was abusing its market position in the country. The FAS anti-monopoly body said Google must correct its contracts with manufacturers after ruling in September that the software giant had broken the law […]

|By TAP Staff| Mediclinic International Ltd. is in talks with United Arab Emirates health-care provider Al Noor Hospitals Group Plc about a tie-up that would create the biggest supplier of private care in Dubai and Abu Dhabi with further operations in Europe and Southern Africa. The potential deal between the two hospital owners would involve the issue of new Al Noor shares to Stellenbosch, South Africa-based Mediclinic […]

TEHRAN — As the music ended and the crowd rose in a standing ovation, several women in the audience could be seen with heads bared, the obligatory head scarves draped around their necks. This was no underground concert by an indie band in North Tehran, though. Rather, it was a recital by a classical lute player in Vahdat Hall. As the opera house emptied, the women casually […]

ADEN // Thousands of pupils returned to school in the Yemeni province of Aden on Sunday, following efforts by the UAE to rebuild 154 institutions destroyed or damaged in fighting between Houthi rebels and pro-government forces. The conflict led to the closure of schools in several parts of the country, including the southern province of Aden, which was liberated by loyalist fighters – backed by a Saudi […]

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SAUDI ARABIA.   Saudi Arabia is leveraging low oil prices to accelerate development of its downstream petrochemical derivatives sector, and will add over 30 million tonnes of production capacity by 2020, raising production to 126 million tonnes from 2014 levels of 94.6 million tonnes, the latest edition of The Oil & Gas Year (TOGY) revealed. Capital expenditure in the petrochemical sector as well is set to further […]

UAE. In times of economic uncertainty, cold-hearted international investors seek more diversification of their property portfolios; as London provides opportunity for property capital appreciation with prices continuously on the rise in the last five years, reasonable prices and growing yields in Dubai market make an equally attractive income generating opportunity. Mutual InterestFor Middle Eastern investors, London has always been regarded as a strong investment complementary to their […]

RIYADH, Saudi Arabia — Saudi security forces arrested a Syrian man accused of plotting attacks and his Filipino accomplice in a raid on an illegal explosives factory in Riyadh, the Interior Ministry said Saturday, according to the state news agency SPA. The ministry said the two people arrested in Wednesday’s raid belonged to a “deviant group” — a term used by Saudi authorities to refer to Al […]

Letters spell the word ”Alphabet” as they are seen on a computer screen with a Google search page in this photo illustration taken in Paris, France, August 11, 2015. Reuters/Pascal Rossignol Google Inc has morphed into Alphabet Inc. After U.S. markets closed on Friday, Alphabet replaced Google as the publicly traded company that will house Google’s search and Web advertising businesses, maps, YouTube and its “moonshot” ventures […]

MOSCOW — Russia widened its bombings in Syria on Friday, striking Islamic State territory for the first time, but showed no hint of heeding Western demands to avoid attacks on fighters pushing to oust Syria’s weakened, Kremlin-backed president. The Defense Ministry said its warplanes had bombed seven targets in overnight raids including a command post and training camp near Raqqa, the northeast Syrian city that the Islamic […]

UAE. Banks in the Gulf Cooperation Council (GCC) reported a good set of earnings in the first half of 2015 thanks in part to declining credit losses–and despite the continued squeeze on interest margins. But, owing to the knock-on effects of lower oil prices on growth and asset quality, earnings could weaken over the next several quarters. That’s according to Standard & Poor’s Ratings Services’ report, “Gulf […]

UAE. A recent report surveying 150 financial advisors in the UAE – part of a larger Natixis global study of 2,400 advisers in 14 countries across the globe – has revealed that investors making emotional investment decisions in turbulent markets is the top mistake advisors see among individual investors. Advisers are concerned that individual investors tend to be too focused on short-term market events, leading them to […]

Middle East A vehicle at a base controlled by rebel fighters from the Ahrar al-Sham insurgent group that activists said was targeted by Russian airstrikes near Idlib, Syria, on Thursday. By ANNE BARNARD and ANDREW E. KRAMER October 1, 2015 BEIRUT, Lebanon — In a second day of raids in Syria, Russian warplanes carried out a new round of airstrikes on Thursday that once again — contrary to Moscow’s assertions — appeared […]

ADEN // The smiling, triumphant fighters waving the flags of the UAE, Saudi Arabia, Bahrain and Yemen at the Marib Dam were not just celebrating a strategically important victory in the battle to restore stability to Yemen. They were also fulfilling a vow by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces. While visiting families of the Emirati […]

The Syrian civil war, now in its fifth year, involves multiple countries with overlapping and at times conflicting agendas. Competing visions of how to manage the conflict, which has led to a major global refugee crisis as well as the rise of the Islamic State, dominated discussions at the United Nations General Assembly this week. But despite days of meetings and diplomatic maneuvering, the crisis has only […]

Indonesia is drawing interest from Middle Eastern banks seeking to tap the world’s biggest pool of Shariah-compliant investors as some Islamic lenders wind down or close operations in Malaysia and Singapore. Emirates NBD PJSC wants to invest at least $300 million in a new Shariah lender or acquire a stake in an existing one, Dhani Gunawan Idat at Indonesia’s financial regulator said in a phone interview. That’s […]

|By Matein Khalid| Even as China’s President meets the capo di tutti capi in Seattle, its manufacturing PMI falls to 47, a post Lehman low, with new export orders in a slump. I found it significant that the offshore yuan fell 200 pips to 6.4346 after the PMI. This proves my core argument, outlined a month ago. The Middle Kingdom will respond to its economic decline and […]

SANA, Yemen — Warplanes with the Saudi Arabia-led military coalition bombed a wedding party on Yemen’s Red Sea coast on Monday, killing at least 70 civilians, according to two local officials and a relative of one of the victims. The aerial attack, in Wahija, south of the port city of Mokha, appeared to be among the deadliest involving civilians since the start of Yemen’s war this past […]

Saudi Arabia has withdrawn as much as $70 billion from global asset managers as OPEC’s largest oil producer seeks to plug its budget deficit, according to financial services market intelligence company Insight Discovery. “Fund managers we’ve spoken to estimate SAMA has pulled out between $50 billion to $70 billion from global asset managers over the past six months,” Nigel Sillitoe, chief executive officer of the Dubai-based firm, […]

Gulf Related will borrow 2.3 billion dirhams ($626 million) from Abu Dhabi Commercial Bank to finance the construction of a shopping mall that will house the first Macy’s store outside the U.S. Gulf Related, a venture between Abu Dhabi’s Gulf Capital and New York-based Related Cos., announced the plan in a statement Monday. The 400-store mall, scheduled to open in 2018, is in Abu Dhabi’s new business […]

Janet Yellen may have unwittingly helped the Indian dollar-loan market rebound from a three-year low. Less than a week after the Federal Reserve Chair delayed raising U.S. interest rates, billionaire Mukesh Ambani’s Reliance Industries Ltd. hired 16 banks for a $1.5 billion loan and Rural Electrification Corp. also approached lenders. That takes the pipeline of local dollar-denominated loans planned, mandated or in syndication to more than $5 […]

Middle East Secretary of State John Kerry, left, with Iran’s foreign minister, Mohammad Javad Zarif, at the United Nations on Saturday. By MICHAEL R. GORDON September 26, 2015 UNITED NATIONS — Secretary of State John Kerry sought on Saturday to draw Iran into the search for a political solution to the Syrian conflict as he began a week of diplomacy over the brutal fighting there. “I view this week as […]

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